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yen will help boost its economy. imf officials released the world's latest economic outlook and slowly downgraded the world economic forecast. and predict it will grow 1.6% this year, up .4 of a percentage point and they doubled the growth forecast next year to 1.4%. they expect the bank of japan's aggressive monetary easing to boost the growth rate. >> japan is forge iing a path o its own. it may have been more likely to call this a 3 1/2 recovery rather than a speed recovery. >> although the yen value has declined significantly in the recent past, the monetary policy followed by the boj is appropriate but at the same time, imf officials urge japan to work out a long term financial reform saying it is not sustainable. the imf says japan's debt will balloon by 2 1/2 times its domestic gross product by 2018. >>> the u.s. housing market is recovering. the latest figures for new home building is back to the levels of the collapse of lehman brothers in 2008. housing starts in march exceeded 1 million for the first time in about five years, up 7% from the previous month. it was sharply abov
today. the i.m.f. is going to give us its latest assessment of the global economy the world economic outlook. top of the agenda for this lady i.m.f. big boss is how to stimulate growth in flagging economies and revive struggling businesses. > the monetary policy which is competitive on the part of the e.c.b. is in a way spinning its wheels meaning that low interest rates that are decided at the european central bank level are not affordable, are not conveyed credit for theto people, the enterprises that need it. the plumbing is clogged if you will. that is the boss of the i.m.f. i will be back about the price of gold going down. > thank competitive on theyou, aaron. we will bring you more now on that earthquakeyou, aaron. we will bring you more now it just broke in the last half. corner of southeast iran. as new were felt as far delhi. people were reportedly running in the streets. katy watson is on the line from abu dhabi. what can you tell us? ago i t 20 minutes arrived in an office tower about 75 stories and then it was suddenly evacuated and everybody was taken out and everybody
, known as the imf your barbados at that point in time also had what's called a fixed exchange rate, much like the countries in the euro zone rates. it was that at a certain value, in this case 1.7 barbados of dollars to the u.s. dollar. the imf said, your country has become very uncompetitive. in the same way that countries in much of europe today have become uncompetitive. wages have gone up. what to do. the imf said, well, we think you should be valued your currency. devalue your currency will make your exports cheaper, will make imports more expensive, that will allow your economy to readjust. it will make you more competitive. the barbecue leadership said -- the said we don't think so. we don't like the idea. if you move from 1.7 to two u.s. dollars, that's essentially cutting without considered the prime minister said we're going to convene a discussion. we want to bring the together private sector, the unions, and the government and will talk about this. and over the course of the next several months there was a very heated discussion. the alternatives were laid out. the leadership
from the international monetary fund, the imf. barbados at that point in time also had what is called a fixed exchange rate, much like the countries in the eurozone. a certain value. in this case just over one-half billion dollars. the imf says your country has become very uncompetitive in the same way that country's in much of europe had become uncompetitive. rages -- wages have risen more quickly to much faster than productivity. cost has risen. what is the deal? they said, well, we think you should devalue your currency which would make your exports cheaper and imports more expensive which will allow your economy to readjust and making more competitive. the said we don't think so we don't like the idea of cutting wages without the people's consent which, in fact, is what a devaluation is because you move from 17 to two u.s. dollars and the prime minister was concerned and said we want to convene a discussion. we want to bring together the private sector, the unions, and the government. we want to talk about this problem. and over the course of the next several months there was a ve
about the creation of imf and world bank. a particular moment in time. it's a tale about economic policy the importance and a tale about john may it was a great deal of information that was i had not been aware of before. let me wind this up by saying ben got review "the new york times" that most authorities would trade their soul for. maybe ben did. i don't know. [laughter] just occurred to me at this moment. there are bargains worth making. the only tale in the long run. in any event it's a tear -- terrific book. i strongly recommend it. benn. l [applause] >> thank you, bob. just to clarify "the new york times" review not yet out. i'm not sure what i'm willing to trade for it. thank you for the kind words, bob. anything you can do to keep up the press buzz about currency wars is great. we appreciate it. [laughter] indeed, currency wars is a 1930 were a great obsession of fdr's treasury. one of the driving motivation of the conference was to eliminate currency wars specific type of currency wars. those directed against the united states and the u.s. in fact harry dexter wayne right hand
talks in washington. officials at the imf, headed by christine legarde, say greece is on track to meet its economic targets, which clears the way for the next payment of bailout money. however, a deal to help egypt has floundered, and pressure will likely be exerted upon pakistan to cut its budget deficit and replay 80% of an $11-billion imf loan still outstanding from 2008. the faa orders inspections of more than 1,000 boeing 737 jets. the wall street journal reports that the concern is with "attach pins" that may have been improperly manufactured. if the pins fail, it can cause pilots to lose control of an aircraft. the directive was not a result of any accidents caused by faulty pins. the inspections are not expected to affect flight schedules, but could spell added trouble for boeing, which is still trying to get its dreamliners back in the air. two big-name retailers are denying compensation to victims of a factory fire where workers were making garments to be sold by the retailer. the controversy involves wal-mart and sears. a fire erupted at a bangledesh clothing factory in nove
euros. germany will chip in 2.5 billion. the imf will provide 1 billion. leaving cyprus to raise 13 billion itself. that means cyprus rating the accounts of rich depositors. for the german opposition, the deal is the right one. >> we stand in solidarity with cyprus, but we have no sympathy for a business model that involves proclaiming yourself a haven for money launderers and tax evaders. none at all. >> if the rest of the eurozone follow suit in backing the bailout, cyprus could receive the cash injection within weeks. >> the german economy is slowly awakening from its winter sleep. the country's leading economic research institutes have presented their spring forecast, saying they expect moderate growth of about 0.8% this year, but the think tanks are a bit more upbeat about 2014, where the forecast growth to reach about 2%, provided the current eurozone debt crisis does not spiral out of control. >> the economic outlook is bright. it is been booming bavaria. the state boasts near full employment. businesses like this are wide. it is an engineering firm. residential -- residents
ambitious. number two is that the world bank and its sister institution, the imf, i do not think their strategy for poverty eradication will work. .hey are not new installations , their strategy is deeply flawed. >> let's look at what their strategy is. investments are key in creating towth, from gender equality equality among all social classes. what is it that you think doesn't work in their policy? >> to put my finger on it, it is what they don't talk about. they have had a comfortable relationship. how does a country guarantee equality in my view, it is through democracy. carefully crafted to make sure that the politicians listen to their own people. they like dictators who will run through their policies. >> many of the countries that are classified as ldc's are in africa. is insecurity, wars, displacement, hardly any infrastructure. what could the world bank and imf do? >> i think the question is brilliant. not have good governors, does not have democracy. there is insecurity and even war. you had by some estimates about 6 million congolese killed. the war has not ended. >>
in the uk and recession in single currency euro zone. from the spring meetings of the imf and world bang. -- imf and world bank. part of the conversation this week. >> it has vastly different social security systems, health care systems, pension systems. if europe wants to move to common funding of the systems, a fiscal union, then they need to harmonize the systems way before they can move to a fiscal union. if you are talking about a common fiscal policy orifice cal u -- or fiscal union, they are way off. >> what is your opinion of how the banks look, will they sell assets, and deposit, from the capital banks? >> the issue going forward. if you are well capitalized can you resolve a bank if it runs into problems. there i have seen recent debates among regulators. and the mood seems to have swung from having very sophisticated systems of separating these two simply say, since it will be very difficult, let's just embark on the general road that we will ask a lot more capital. so a big part of the new banking regulation will actually be quite substantially higher capital than even what w
remarkably largely this year. >> why is there such reluctance from the eurozone and from the imf to help cypress -- cyprus out of this. to the greeke it bailout, it was to a 40 billion euro. >> a good point. i made this in a speech recently. i dealt that the bailout of such a press -- of cyprus was a rounding error. 23 billion euros is not small change. it is small when you look at the size of the new budget. it is really small change. germanecause it is a election year. the last thing merkel wants to do is bailing out the irresponsible, the russian oligarchs with their prospects money, which is how it is being portrayed in germany. the other thing i would give is, cypress is too small for anyone to be bothered about. it is unlikely, so the thinking goes, to cause much of a problem in the eurozone. way germany would tell spain that all of your bank -- then deposits would have to be larger. cyprus is thought of as irrelevant. >> thank you for joining us from london. ahead here on the program, a u.n. refugee camp was had 3000 people. a report by doctors without borders. and from the nether
the world bank and imf do? >> i think the question is brilliant. not have good governors, does not have democracy. there is insecurity and even war. you had by some estimates about 6 million congolese killed. the war has not ended. >> there's a lot of other countries that the world bank is focusing on. it's easy to say but would not work. the crc is next ring case -- an extreme case. how would it work? >> my strong view is that if you put democracy on the back burner, the best you can do is short-term, quick growth. growth is very different from development. if you don't have democracy, you're likely to have conflict. i think the good strategy we need his democratic, where the government listen to their own people. admittedly, economic growth under democracy will be a little bit slower. it is most sustainable. my view of the world bank and other institutions, forget democracy or put it on the back burner, they're not going to be able to have sustainable economic growth, sustainable eradication of poverty. >> independent africa policy .nalyst joining us trad thank you very much. away fro
have a choice. we could either do with the imf says or we can cut wages. but we have to do something. alternately the discussions got to a very difficult place. the government consulted with the private-sector a the ins. agreed. 9 percent. people were very unhappy. roughly 35%. that is the equivalent of roughly 40 million people marching on washington to protest a wage cuts. somehow the leader said we have to do this. we help and the economy actually recover quickly. for the efforts connected t a power for 14 years. the economy recovered after that . and when asked in retrospect, would you do it again this said to the price i paid was a small price. people often ask me, such a small place. what can you possibly do. imagine said is is not so easy to do things. in a small country the person is not an office. it brother, your cousin, possibly his father. so of a tiny country finds a way to make difficult decisions but to find a way to make the economy better, and by the way, the public-sector avoids of exposure to the u.s. and they believe that in the future there would be raising. in o
their own version of imf that doesn't look a lot like american imf. they are pulling larger numbers than we are from regional military. i wondered if chip and john you would comment on that. are we leaving states open to assistance that might not have, you know, the value based approach that the u.s. has? >> that question gets to one of the core data i did limb ma on the other stations but the other fourteen programs we have to aid other people's military. better to engage or not engage? and evidence and pardon the ante-dote they substitute data, ronald reagan once said. in indonesia in the early 2000s and the days of the full leahy restrictions on training. we were allowed to travel to indonesia to do training on non-lethal weapons, and we used that to go there frequently. one of the mandatory things we had to go on a training was to start with a class on military in a democratic society and a military justice system. and of course, the pentagon, god bless the pentagon, created the class for us. and it was twenty eight mind numbing slides to be given with a lighted detail on everything. bu
they ultimately executed this. but bottom line, the imf forced them to shut down some of their very big banks and people with bank deposits there that weren't insured took a big hit. do you think that was a good idea? >> not really, michelle. you've been there and you've seen firsthand the consequences of this. i do understand that in a situation like this, the creditors to these banks and the investors in these banks should pay the price of their investments and take us a serious hit. not just the small-scale depositors but the large scale. because the depositors are the bedrock of confidence in any banking system. and right now, confidence is simply not there despite the very strenuous efforts of the government. >> when we look at the structure of the banks that are in cyprus, without getting into too much detail that the average person probably doesn't understand about capital structures, et cetera, et cetera. but you've got to admit, these banks in cyprus were very, very messy compared to the banks that you see in the united states. there wasn't a lot of investment capital behind them to
monetary policy, the imf. what's going on with the fed. but what i thought was really interesting was what you said about how they -- the imf was always going to be led by a european. and why that was. >> and that was decided at bretton woods. >> that was decided after breton woods. the americans always intended that the imf would be run by an american, january 1946, president truman is going to nominate hear dexter white to be the first managing director. why doesn't he do it? he gets a long memo bum from fbi director jay edgar hoover saying don't think about it, i can prove this is a soviet spy. >> we live with these issues today, right, the issue of gold, whether or not it should be the currency that backs -- or should be the thing that backs our currency instead of having a fee at currency. >> that's right. it had been harry dexter white's determination the u.s. dollar would be backed by gold. he said it was inconceivable there would be a time it wouldn't. but the actual breton system didn't last long. it wasn't until 1961 the first nine european countries made their currency convertib
at that budget. and later, find out what christine lagarde, the head of the imf, thinks about central bank easing. and businesses is our business. we've reduced taxes and lowered costs to save businesses more than two billion dollars to grow jobs, cut middle class income taxes to the lowest rate in sixty years, and we're creating tax free zones for business startups. the new new york is working creating tens of thousands of new businesses, and we're just getting started. to grow or start your business visit departure. hertz gold plus rewards also offers ereturn-- our fastest way to return your car. just note your mileage and zap ! you're outta there ! we'll e-mail your receipt in a flash, too. it's just another way you'll be traveling at the speed of hertz. transit fares! as in the 37 billion transit fares we help collect each year. no? oh, right. you're thinking of the 1.6 million daily customer care interactions xerox handles. or the 900 million health insurance claims we process. so, it's no surprise to you that companies depend on today's xerox for services that simplify how work
's proceeding at a slower pace. >> does the imf want countries sellheir gold? that might be the impression that people would have got often the events of the last couple of weeks. >> no, we don't have a view on that subject at all. >> even though cyprus, in the memorandum of understanding that's been leaked, it looks like cyprus has been asked to do that. >> i think cyprus may choose what cyprus may choose. look, countries may privatize a range of assets if they need to privatize assets and those can be companies. there's nothing wrong with a country selling its gold, if it wishes to, but it's not an imf policy to suggest that. >> mr. lipton, thank you for joining us. >> my pleasure. good to be with you. >> david lipton of the imf joining us from washington today. >> is it a formula for success or ruin? >> in grave danger, you are. >> disney will reportedly release one new "star wars" movie a year starting in 2015. bill, this is a great idea! >> michelle already has her tickets. that news sparking fierce debate, though, among some "star wars" fans everywhere as to whether one new movie a y
growth. he is leer forth imf world bank spring meetings this week. he is also promoting foreign investment in india. i'm pleased to have him back at this table. welcome bands back. >> thank you. >> rose: give me your assessment. this is a broad, big question, of the global economy and put it into the context, emerging nations, and it's hard to think of india and china that way but they are often put in that place. asia, europe, latin america, and the united states. where is the global economy today? >> there are no clear signs that the recovery has begun. over all countries. for example, the global economy actually slowed from 2011 to 2012. and although there are estimates that growth will increase by a few percent, a few decimal points in 2013 that's not very clear to me. advanced industrial economies have slowed even further. advanced industrial economies average growth is one half the average for the world. now look at bricks. its emerging large economies. this year-- . >> rose: brazil, india, russia, china. >> brazil is likely to grow at 1.5%. >> rose: brazil. >> yes, south
of those since. we have had 425 systemic crises in country, according to the imf, since 1970. that more than 10 per year. a country somewhere in trouble because a systemic problem. just every finished that book, i got a call from a head hunter, offering me a job at the central bank of -- so i decided to accept it because i thought it was a dish just had written a book announcing the systemic problem in the monetary domain, and here i thought a time and place where i could do something about it. so i did that. i accepted the job. i was two weeks in that job, when these two gentlemen, president of france, the chancellor of germany, had a big love affair, had regular meetings, and in one of the meetings they announced something that says, europe needs a zone of monetary stability. okay? and numbers in the central bank, what did they mean? okay. the next thing was, that went to paris and said, do something purely european. while mr. smith went to the german bank andaid do something that doesn't upset the americans. these two ideas are not compatible. so, at the bank of international settlem
to the imf since 1970. that is more than 10 per year. the country is in trouble because of a systemic trouble. just after i finished that book, i got a call from a headhunter offering me a job at the central bank. so i decided to accept it. i just had written a book announcing the system at problem in the monetary domain and here i thought it was the time and the place. so i did that i accepted the job two weeks into that job these two gentlemen president of france at the time, the chancellor of germany. they had regular meetings and one of their meetings they announce something that said europe needs monetary stability. and i remember in the north central bank and all of the others what did they mean? okay, the next thing was that we went to paris and said do something purely european. while mr. schmidt went to -- and said do something that doesn't upset the americans. these two ideas are not compatible. [laughter] so in basel, that the bank of international -- which is the central banks when they have a problem with this type they created committee. they put in charge of the committee the c
. the greatest is to meet the terms set out by the eu and imf. only then will it receive the 10 billion euros it needs. >> how many cypriot officials might be swept up in this new criminal investigation? for more, we are joined now live on the line by correspondent nathan morley in nicosia. how far could this investigation go? there have been rumors implicating not only the finance minister but the president as well. >> indeed. difficult question to answer how many people will be swept up, but sarris is a key figure in these bailout talks. as we reported last week, he was the chairman of the failed bank, so he also has questions to answer. the president as well, i'm afraid. the investigation committee looking into a relative of his who spirited away 10 billion euros just before the bailout. we are looking at proposals coming from the state tonight about reductions in civil interested in who is to blame and who is involved. i know the minister. he is smart and keen, but he is stepping into the shoes, which are pretty big, so it remains to be seen what he will present to the troika. very diffic
of news out of cyprus. imf reached an agreement to contribute 1 billion euros to the country's bailout or bail in depending on your point of view. they expect an agreement to have approval by the board in early may. all of this according to dow jones news wires. here's a look at what's on the agenda today in the u.s. the march adp employment report out at 8:15 a.m. eastern. it's looking for an increase of 194,000 private sector jobs. roughly in line with what we saw in february which did proceed a strong employment report and has had hopes raised for a strong one again on friday. at 10:00, it's the marsh ism services index. economists looking for a reading of 55.8 which is a slight downtick from february and at 3:30 san francisco fed president john williams speaks about monetary policy. look for results from conagra and an interview with dan tarullo. that will be on "squawk box" at 8:30 a.m. eastern. for more on how markets are shaping up today, joining us now is chief economist and cio. it's great to see you. it was your note earlier this week that really helped to focus attention on
prove temporary. >> time now for some business news. the imf has now confirmed it will contribute around 1 billion euros to the bailout of cyprus. >> that is about 1/10 of the overall package for the cash- strapped island nation. the largest aid payment is to come from the eu. earlier, the cypriot finance minister was sworn in at the presidential palace. he promised to fully implement the terms of the bailout. it does, however, still need to be ratified by the national parliaments of the other eurozone member states. inflation in the eurozone continues to be a concern, although the rate of increase has fallen to its lowest level in almost three years according to newly released numbers. >> consumer prices rose by 1.7% compared to the year before. it is the third month in a row that inflation has slowed. analysts say prices are affected by the recession and high unemployment. that inflation data has traders speculating about what the ecb might do at its policy meeting this week. our correspondent has more from the frankfurt stock exchange. >> the relatively low consumer price inflation in
euro. we would obviously welcome a contribution by the imf. >> the syrian rebel leader surprising his followers by resigning, expressing frustration with the international community and the opposition movement overall. his announcement coming in a facebook posting, leaving some questions about his future plans. meanwhile, secretary of state john kerry turning up the pressure on iraq's government in a surprise visit to baghdad over the weekend, secretary kerry urging iraqi leaders to stop iran from using its airspace to shuttle weapons and soldiers to bashar al-assad's syrian government. >> we had a very spirited discussion on the subject of the overflights. and i made it very clear that anything that supports president assad is problematic. >> the newly ordained pope francis holding his first palm sunday mass. palm sunday is the final sunday of lent and marks the start of holy week for christians around the world, leading up to the holiest day on the christian calendar, easter. for "teen kids news," i'm jamie colby, "fox news channel in the classroom." >> could you describe the flag t
. lew was in berlin for talks ahead of the imf meeting in washington. >> 5 the u.n. peacekeepers were killed. >> the rebels backed by sudan are believed to be responsible. south saddam broke away after decades of civil war. -- south sudan broke away. >> uhuura cannot has been sworn in. he praised kenyan of voters for rejecting what he called "the tents -- "attempts to influence the election." is accused of crimes erupting after the 2007 election. >> meeting with benjamin netanyahu to revive middle east peace talks, secretary of state john kerry says he will be working with israeli and palestinian leaders to improve relations. he warned against seeking a rushed resolution saying it's important to first seek trust. >> the german justice minister in china for annual talks on the rule of law, part of the meeting. >> has been barred for leaving the city because it allegations of tax evasion that he has never faced formal charges. >> we have more on a man stuck in a legal limbo. it has been one year since they raided his beijing office and arrested the german shipping agent. they interrogat
that the share which the eurozone and imf is playing is like the red line, and for the rest, the cypriots are responsible to come up with the money. that might be bailing out banks. that might be privatization for also hire taxis, but there was also other good news for ireland -- privatization or higher taxes. it is a reward for ireland and portugal, a reward for their hard austerity measures. >> some worries about cyprus' bailout weighed on the markets on friday. we have this report from frankfurt. >> the rescue package for cyprus led to irritations, also here on the frankfurt floor, especially the discussions about the fact that maybe the money will not be enough to avoid bankruptcy of cyprus. it dragged down the mood on the frankfurt floor. the dax started nosediving, but the negative trend has been backed by new economic data from the u.s. consumer confidence and retail sales went down significantly, and this has been a bad surprise. maybe it is because of the fact that unemployment data in march has been weak. >> now for a closer look at those market numbers, we say in frankfurt wher
, and the imf. the greek foreign minister said that athens has agreed to the next age of economic reforms. the greek economy is in its sixth year of recession. unemployment has soared to a record 27%. economists are saying it could start growing again next year. >> back to cyprus now, where the president of the island is busy promoting some creative damage control after the eu approved a bailout that could mean up to 60% of bank balances are taken from deposits exceeding 100,000 euros. nicos anastasiades says he wants to get passports to foreign account holders who use -- lose 3 million euros or more as a result of the bailout. the prospect of free movement within the european union is especially appealing to russians, who hold billions in cypriot bank accounts. >> it looks like banks in the united states are climbing out of the global financial crisis. citigroup rake in the profits in the first quarter, making a 17% leap over a year ago. consumer banking revenues remain unchanged. citigroup took a hard hit in the u.s. recession, despite -- recession. despite positive results, executives
topped $4 million. a warning is out about life insurance companies and pension funds. the imf tells reporters public pension plans won't be able to fund nearly a third of future obligations, and pension funds and insurance firms are turning to risky investments and betting on large returns to cover funding shortfalls. the situation, however, is not dire - both groups have cash on hand. the postmaster general made a return trip to capitol hill. this time, u.s. postmaster general patrick donahoe told a house committee, the postal service is operating with a broken business model and losing $25 million daily. unless congress changes laws, donahoe predicts the situation will become worse. he suggests cutting saturday delivery and tighter controls on healthcare and pensions. more americans are warming up to the idea of renting. allstate insurance reports the demographics for renters are changing: the median age of renters is 40 years old. roughly 60% of renters are over the age of 35. "we're seeing people move in to the renters market by choice. they like the flexibility that comes with
the rest of the world, too. it is not just the u.s. the imf revised its forecast for the year, the world's two largest economies, u.s. and china, expecting to see slower growth than before and europe in recession largely because many say across the board austerity. does the rest of the world slowdown mean a stall in the u.s. is inevitable and i know how you feel about. this you have just told us you think you're not bullish the next couple of quarters so i will ask you, are you concerned by what you see? 27% unemployment in spain, we're celebrating 7.6% here. how much drag is that on us? >> christine, the way i look at t we're the life raft for the economy right now. we're one of the few economies actually growing albeit not as rapidly as we want. when europe slows down, when china slows down, there is no question about it. that has a negative impact on american economic growth and the question is as europe is virtually in recession rights now makes it very difficult for the u.s. economy to grow. that's why i am with robert reisch. this is very rare by the way that i think the next coupl
, the imf came out a revised lower its global demand growth thus far. over the past few weeks we've seen the gdoe, and iea and opec all revise crude oil prices or demand lower. so at this point we've had that big selloff in crude oil prices but brent crude oil now is at a crucial pot. this is an important takeaway for listeners here. melissa: yeah. >> because right now we broke the $100 barrier. there is a key technical level at 97.91. the market got down to $98 today and snapped back. if we hold, we are going to move higher. but i don't think we hold. melissa: really? >> 97.91 that does clear the prices low to below $95 for brent crude oil which is great news for drivers this summer. >> it is great news for drivers but everything else you said was really bad news for the economy. >> right. melissa: month at this, let me ask you, you have institutional clients across the worl what are you hearing from them in the past 24, 48 hours? >> i think i have to agree with a lot of what steve has said. basically there is pressure mounting on commodities as a whole for quite a while. melissa: yee.
, the suggestion there is that u.s. officials were talking to the imf and telling them not to push so hard on the details on the bailout because the last thing they wanted was to have a flare up in the debt crisis. yes, i'm sure they're very frustrated, but ultimately, do they have the ability to make germany do anything different? no, they don't. >> kelly, let's bring you in from paris where we know the french economy is struggling a little bit. what happened yesterday with the moscovici? do we know? >> no, ross. how extraordinary. if you take a step back and consider that here is jack lew making his second trip to europe, people were talking about the fact that he had made a point of going to china first and then europe, and then among the places he's going, he started yesterday in brussels, met with european leaders. then it was to frankfurt to meet with draghi last night. he was supposed to wrap things up with moscovici. that trip canceled, then we heard they were trying to find a better time because there was a scheduling conflict. sotd point being, it's a embarrassment for france, fr
wanting to end the bond buying by the end of the year. >>> in an interview with maria bartiromo, the imf chief legarde suggested central banks around the world must do more to boost growth since governments have limited fiscal impact. >> we are in a low interest environment and more needs to be done. at the moment, government with their fiscal policies have limited space. and yet growth has to pick up. who bears the burden? central bankers with monetary , whether it's quantiteasie, ful this n the japanese authorities. doing what they can to encourage growth, toth when thee for a long time like in japan and to make sure that credit flows into the real economy so that investment can start again. >> there's so much debate about this subject. and today we're hearing all different commentary about when the federal reserve should ease back on its stimulus. do you think there are damages to this plan longer term? i know you said in your speech inflation is okay now, but what are the downside risks? continuing this until 2015 versus stopping this summer? >> first of all, the fed has indicated th
after three days of losses ending up 1.2% while imf upgraded the country's economic outlook. a weaker yen helped to lift exporter stocks. real estate sector among top gainers. nomura shares lost today. in china the shanghai composite paired down early weakness to end flat while drug makers lent support in the wake of the bird flu situation. chinese banks came under pressure and concerns over local government debt lows as you just discussed earlier in the show. weakness also weighed on the hang seng ending lower by half a percent. elsewhere, south korea's kospi ended just a touch higher two days ahead of the samsung galaxy preorders. in australia, defense sectors powered ahead and sensex now trading flat while the country is seen as a big beneficiary to the recent weakness in commodity prices. back to you. >> okay. thanks very much for that. turning our attention to european session as i mentioned just in the last couple minutes here we've turned sharply lower. a sell-off of 0.7 of 1%. decliners outpace advancers by 4 to 1 ratio. the market is scratching around for this particular sell
:00 p.m. eastern. so stay tuned next hour for that. also with us, exclusively, imf head, christine lagarde. she's watching what's happening in our stock market and with our fed very closely. she's also issuing a huge warning about the banking sector, that you'll want to hear later in today's program. also, get this, the kpmg partner who leaked that inside information has put out a statement and now his lawyer is going to be talking to us first. you'll want to hear this, coming up, on today's edition of "closing bell." as i said on twitter, who's not on "closing bell" today. here's what the market lacks like. here we go again. the dow was up 152 at the high of the day. now a gain of 139 points is at 14,812. the nasdaq has been the strongest of the major averages since this rally began on friday morning after that jobs report came out. the nasdaq up 4% since that low on friday. it's up 1.76% right now, with a gain of 56 points. the s&p, no small shakes either. a gain of 1.2% or 18 points at 1,586. so what is happening with this market and why? even as the fed hints at tapering down i
government and more government spending. that's going on in washington all week with the imf annual meet >> joe, just on the numbers here. there's a difference between 2.2% which is what the amherst people, the umass people are saying and minus 0.9. one is a small recovery. the other is a recession, and after all, want it them using this formula, negative growth if it gets to 90%, they are the ones particularly advising europe with all the european austerity, with the tax hikes, for example, that have thrown europe into a double dip recession. >> yes, larry. the austerity certainly has been an issue and a lot of prominent policy-makers cited the results as evidence to pursue these types of policies. the difference between two-2-.2 and minus a point is quite -- minus .1 is a rather big number, especially cumulatively over time with compound from interest and things of that sort. this is a big faux pas, if you will, certainly not any levels necessarily that will cause the economy to weaken, as david was saying. this is an issue locker term about government spending and what not, but this i
of affairs and has been in the united states and here to attend the imf world bank spring meetings and pleased to have him back at this table, welcome. >> thank you. >> rose: so what do you hope to accomplish? here? >> well, this week, we have actually a series of meetings between u.s. chamber of commerce and the turkish counterpart for three-day, three city investment week. >> rose: right. >> and we are bringing together american and turkish business people about how we can do more trade, more investments between our two countries, and then we have the g-20 minisy of meeting coming uin whingto d.c. >> rose: right. >> and then imf bank annual meetings. >> rose: and what is the biggest issue there? >> the global economy, of course, how we are going to be reaching levels of growth, not just for the u.s. but for europe as well, how to tackle issues in japan and the euro zone, and the fact that there is now so much problems in the developing countries and the exports of the developing countries that are going down and developed countries are affected, the developing countries are more
, on the contrary, the imf said that in 2011, the united states gave 502 billion, half a trillion dollars to fossil fuel companies in subsidy and other benefits. one images that the willingness of the taxpayers to lavish this kind on the fossil fuel companies would come to an end. >> if you could just take a moment to finish your comments. >> sure, thanks. >> also we have already seen china impose carbon tax and from a purely capitalist point of view, shell oil has noted that fossil fuels are going to make-up as much as 37 percent of total energy used over the decades where renewables. considering the tiny scale of the fuels, the tiny scale of renewable scale. and i know that as an investment manager, that one is stealing the market shares and i know where i want to place my bets. >> thank you, thank you very much. >> next speaker, please? >> good morning. my name is rebecasolmat and i am a history writer and i am an author of 13 books, many about the city and thank you for letting me sit here and thank you supervisor avalos for your visionary leadership. i want this in the history of the nation a
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